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with all this speculation, you know, that this is a tax haven and that this is money that people have questions about, that the way europe is approaching sigh pruls is not the way you'd awe approach these other countries and if you approach the other countries this way you create a real problem and they know that. >> that brings what happens to the parliament and what impact does that have. >> the cyprian parliament decide the to vote down the bill to confiscate the money from depositors. we don't have a bill or any certainty what's going to happen. most likely recommit to the cyprian parliament and then see what's going to happen to the banks. remember the banks have been closed until thursday morning. today walt the governor of the central bank of cyprus presumely he will know saying it could be a run of ten percent of deposits on the cyprian banks. and that's cause for concern. i think the banks in cyprus make two fundamental mistakes. banking 101 is supposed to boil out. don't lose money you don't have and they did and don't ever mess with deposits because that really does effect
that the consumer is susceptible to some of the headwinds out there, whether it's gas prices, the payroll taxes, or whether disruptions. >> lorwer income americans seem to be the most fragile, on tuesday charles holly said taxes are his shoppers number two concern, adding it's the first time in a long time taxes were a top concern at all. itg investment research chief economist steve blitz says this retail sales report illustrates two separate consumer groups. with higher income americans spending on autos and building supplies while lower income americans continue to be adversely impacted by higher payroll taxes, rising gas prices and delayed tax refund checks, a sentiment echoed by the national retail federation. for "nightly business report," i'm courtney reagan. >> as courtney just mentioned, consumers are spending on housing and garden supplies. coming up, we'll take you behind the scenes of the home depot product walk. it's where companies showcase their hottest home items for this spring. >>> chief executives of some of america's biggest companies are optimistic about the u.s. economy, e
class will pay the price. >> this is the alternative to balance. it results in unfair tax hikes on middle-class americans and it results in undue burden on middle-class americans. >> this afternoon, the president met with senators from his own party, just the details of the budget plan surfaced and that plan will call for $1.85 trillion in deficit reduction and evenly split from tax increases from closing loopholes and spending cuts. the white house says the contrasting budget plans and the president's blueprint which will be released in early april with negotiations to follow are a return to what washington calls regular order? while both budget plans are dead on arrival in their opposing houses, tomorrow president obama will return here to capitol hill to meet with house republicans in what the white house calls an effort to engage lawmakers in the budget process. it's also being dubbed his charm offensive. for nightly business report, i'm hampton pearson in washington. >> as hampton pointed out, health care costs were a big focus in the house proposal, coming up, we'll talk t
anger. the deal includes a heavy tax on bank deposits. savers queued for hours to try to get their money out. now the government says all banks will be closed till thursday as it negotiates the terms of this deal. gavin hewitt starts our coverage. >> hurt, anger, outrage -- that was the mood on the streets of the cypriot capital. in exchange for european bailout, small and large savers will have to pay a one-off tax. >> we are sleeping. we all come in the morning, knowing that we were significant -- >> as a nation, it has taken us 40 years to build our economy to the level it is. with done one day -- within one day, we have shot it down. we are very betrayed. >> they can do it anywhere. live in europe, europe has betrayed us. >> at one stage, the crowd was urged to march towards the presidential palace. many people believed their savings had been guaranteed. what is clear is that the bailout deal negotiated in brussels cannot be implemented here except in the face of furious opposition. will have depositors to pay -- just reducing the amounts savers and depositors will have to pay probab
taxes approved in january. but 1.8 trillion would come from repealing the president's signature health care law. in addition the plan convers medicaid to a block grant to the states and reduces its federal funding share. ryan also proposed, as he has in the past, transforming medicare by giving seniors a fixed amount to purchase traditional program coverage or a private plan. last year's republican vice presidential nominee acknowledged that the plan won't get past senate democrats or president obama. instead, he said, it's an opening bid. >> will the president take everyone of these solutions? probably not. are a lot of these solutions very popular and did we win these arguments in the campaign? some of think so. and so what we're saying is here's our offer. here's our vision. eiras how we propose to balance the budget and grow the economy, repair the safety net, save medicare. >> reporter: be democrats quickly charged that ryan's math, especially on taxes, does not add up. he would eliminate most deductions and lower tax rates. white house spokesman jay carney said ryan asks nothing
-term spending cuts continues. >> republicans and democrats in washington are still fighting over taxes and spending but they've agreed to keep the fight under control. house already passed a bill to keep the government running past the end of this month. now the senate is preparing to do the same thing and there, the two parties aren't far apart on the details. >> we've con ens didded the number of amendments being talked about seriously. i commend them and their staff through all of their efforts. >> i spoke with them this morning. they've yet to reach an agreement. >> but the gap remains huge for a long-term plan for bringing government spending and revenue inline. >> they'll reduce the entitlement programs but only if republicans agree to tax hikes and jepd speaker john boehner said the house's answer to that is no. >> the president got his tax heights on january 1st. the talk about raising revenue is over. it's time to deal with the spending problem. >> the two chambers have a way of talking about their differences, not with president obama but on each other. work on the contrastin
.d.p. which is what they're now perhaps going to get. by taxing depositors, they actually have the ability to also tax nonresidents, as we saw in your clip just now. there's a lot of british there but there are even more russian depositors so in that sense you actually end up having the ability to bring in tax revenue from non-cyprusians. that's a big advantage for the government of cyprus because this is money that otherwise they would have had to raise by cutting pensions or other types of austerity measures. >> woodruff: the russians and others stand to be hurt pretty badly by this. >> basically that's part of the strategy or the intent of both the euro area, the i.m.f. and the cyprusian government. >> woodruff: but the signal that sends, i mean, what's the message it sends to the rest of europe? i mean, how worried should they be that what's going on in cyprus and we don't know how this is going to play out because the banks are closed for the next few days. how worried should the rest of the banks in europe be? >> i don't think there's an immediate risk of sort of contagious bank run
not on a sustainable fiscal path because of the tax cuts because of the unpaid four wars because of demographics. so we need to do two things at once. we need to support the economy in the short run, investorring in infrastructure putting construction workers back to work, making america important competitive in the future and also address the problems causing a long-run deficit which are healthcare rapidly growing healthcare costs. we can improve our tax code by closing all the tax loopholes that we have. that's what the president has been focused on since frankly since i started working for him back in 09. >> rose: do you believe, are you hopeful that somehow the capitol, the dinners the lunches that are taking place that there's somehow a change in the dynamic of the conversation? >> i think the president is willing to try whatever will work. i think that it's a pretty high hurdle he's facing. i say that because the president worked awfully hard because of the congressional leadership to reach a grand bargain. we set as a goal as a number of others have to rules the deficit by 4 trillion dollars ov
entitlements if republicans agree to somegr revenue from taxes. the other drama are these official budgets that came out. they bear no resemblance to that other drama or to reality. they're essentially campaign documents for each side. the house republicans put out theirs and the senate democrats put out theirs. if it's a family budget it's like sitting down and saying you know, i'm going to get that promotion and we're not going to spend any money when we go out for dinner. these are all hopes and wonderful things but then bump into reality. gwen: if you go on our website you'll see a feature in which john talks about the president going to capitol hill for a charm offensive in 2009. so it feels like everything old is old again. >> that's right. that's why the republicans listening to the charm offensive think we've heard this tune before. there's a lot of mistrust and that's why there's so much e. that has to be done. it's not just going to be pleasing smiles and hand shakes. and that's why everybody involved in this is pretty -- what you hear from the white house, they always say we're
, given republican opposition to higher taxes. >> ultimately, it may be that the differences are just too wide. if their position is, "we can't do any revenue," or, "we can only do revenue if we gut medicare or gut social security or gut medicaid," if that's the position, then we're probably not going to be able to get a deal. >> reporter: after the president left, house speaker john boehner replied that it's mr. obama who's the obstacle to getting a deal. >> we have a spending problem. we have to attack the spending. and the president understands, yeah we've got some long term spending that we need to deal with. but he's going to hold hostage the fact that he wants to raise taxes on the american people again. that's not going to get us very far. >> reporter: some republicans, such as house budget chair paul ryan, on msnbc today, also questioned whether the meetings with lawmakers are just for show. >> the question is, is he going was the so-called charm offensive a temporary, you know, poll-driven political calculation, or was it a sincere conversion to try and bring people together and
gas. the parliament of cyprus voted to reject a bill that would tax bank deposits in order to qualify for an international bailout package. to receive $13 billion from the e.u. and the international monetary fund, cyprus has to raise $7.5 billion on its own. but taxing people's bank accounts proved unpopular, even when the provision was added to shield small savers. banks across cyprus will remain closed until thursday to avoid a run on cash. uncertainty about the cyprus situation set markets around the world and on wall street on edge. the dow jones industrial average gained more than three points to close above 14,455. the nasdaq fell eight points to close at 3229. seven u.s. marines were killed after a mortar unexpectedly exploded during a training exercise in western nevada. military officials said that prompted the pentagon to halt the use of the mortar worldwide until an investigation can be completed. the accident happened last night at the hawthorne army depot. the marines who were killed were based at camp lejeune in north carolina. seven other marines and sailors were injure
donnell, who is raising taxes to pay for a transportation plan in his state. all of which leaves conservatives facing a key question: how to unify behind a central message that moves the republican party forward? veteran republican pollster whit ayres says it will take more than tinkering. >> it is delusional to think that we had the right message and we just haven't communicated it effectively. you don't lose five of the last six presidential elections in the popular vote if you have got the right message. so we need new message, new messengers and a new tone. >> reporter: francesca chambers is editor of the conservative blog "red alert politics." she says the effort must involve more outreach to young people and minorities, but she acknowledges that will take time. >> that is not necessarily going to happen in three months time. i think that it's unfair to say, "oh, the election was in november and we don't see big changes, sweeping changes happening yet." i think that everyone needs some time to make these things happen and we have got four years to make that happen. >> reporter: in the mea
: as consumers see smaller paychecks after the payroll tax hike, higher gas prices are a reason for concern. >> not only are we paying everything extra, we're paying the tolls, everything is going up but people's salaries. >> i spent a lot of money on gas because of the amount i commute. you just got the pay it. >> reporter: in fact, 72% of americans say the fluctuations in gas prices have impacted their spending, and roughly 23% said they delayed a mayor purchase because of higher gas prices. >> 70% of the economy is based on consumer spending. so you have a trifecta. consumers are concerned about the national economy. they just took a hit in their paychecks as a result of the payroll tax hike, and then on top of that the higher gas prices are going to force them to make some decisions that they wouldn't otherwise have to make. so it's very concerning. >> reporter: pain at the pump is something that all americans can identify with. but many consumers say that they work their budgets around higher gas prices because commuting expenses are nonnegotiable. but how do the higher prices impact t
back the tax you have paid last year. it's unbelievable. but in the moment of economic crises quite a few -- but look, he lost a big percent of the vote -- because he had a very strong majority that passed. and then he lost a lot of votes but he was able to give the illusion that it could be the savior in such a difficulty economic condition. >> rose: who will, what's going to happen to mr. monti with the vote. >> it's with -- but it still in politics. i don't know what he will choose. he will take time in order to reorganize the party. it will be almost impossible that he will be prime minister again unless he prolonged it for a limited time. >> rose: he does not have enough votes to make a it. >> but the two chambers had the same power. they're identical so you need the confidence vote in both of them. this is why you read some sort of compromise let's saying organize by the public. >> rose: what did you want. >> i want personally? i was -- i a happy for the result of the elections but i am not active in the italian politics so i look -- hoping for a resolution very soon, you k
off that tax. i spoke a short time ago with former u.s. treasury secretary tim -- larry suckers -- i spoke a short time ago with former u.s. treasury secretary larry summers. >> it changed the world. sarah gave a was a small place -- sarajevo was a small place. it matters so much because of theexample that may be in process of being set. it has heretofore been assumed that insured deposits of ordinary citizens are as good a credit as exists in these countries. the apparent decision that is not the case, with the endorsement of the european authorities, with the endorsement of the imf, calls that into question. there is little wonder that markets are experiencing a change in the way the world that, and it is change they find unsettling. >> if you are a middle aged retiree in italy or spain today, are you really looking at what is happening in cyprus and thinking, you know what, i might take my savings out of the bank as well? is that the problem? >> certainly a sense of complete confidence that people have that other people have is attenuated by an action of this kind. inis very impor
are there, but nobody heeded them. this has long been a tax haven, a country whose banking sector is eight times the size of the economy. cyprus new what was happening in did not take action. now it is a country that is in severe crisis, and it could really set off a chain reaction across the eurozone. that said, it would be unlikely that the eurozone would let them drop out or a bailout that pales in comparison to the rest, but there will have to be a radical the calculus -- the calculation to try to stabilize the entire single currency -- a radical recalculation to try to stabilize the entire single currency. >> thank you. if you thought the euro crisis was over, it may be time to think again. let's go to syria where there is a confused picture over a potentially dangerous development tonight. the syrian government and rebels are accusing each other of launching a deadly chemical attack near the northern city of aleppo. state news claims that 25 people were killed by a rocket containing poisonous gases. the rebels denied the allegation. they are blaming the assad regime. russia supports
headway he will be able to make. most republicans are balking at any additional tax hikes to cut the deficit. many democrats are opposed to substantial cuts in entitlement spending. the democratic led senate judiciary committee approved a new ban on assault-style weapons today. the bill would outlaw the sale of 157 kinds of semi-automatic weapons and limit ammunition clip sizes to 10 bullets. it passed on a party-line vote of ten to eight, with all republicans opposed. but it faces long odds in the full senate. the head of the transportation security administration is defending a proposal to allow small knives on passenger planes. the idea has provoked a backlash by pilots, flight attendants and others. but john pistole told a house hearing today that the concerns are misplaced. he said an attacker could use any number of things already on planes. >> a metal knife or fork, whether it's a wine glass or wine bottle that they break and use, there's any number of things that could be used as a deadly instrument. it really gets again to what is the intent of the person on board as opp
and individual agents that were dropped as a result of the the agreement to give the church of scientology's tax exemption. and ever since then it is a religion, regardless of what you think. >> rose: tell me about scientology. how did it start? what does it teach? >> scientology grew out of l ron hubbard's philosophy. started with dianetics, a book he wrote in 1950. huge. >> rose: sold millions of copies. >> it sort of set the standard for all the self-help books that came along later. and then, but, and he made a lot of money out of that. but then he went broke. he didn't know how to capitalize on it. so he started a religion. which is a different thing, scientology t the idea is that scientology will show you that you are an eternal being, satan as they say in scientology, that are you not the body or the mind that you inhabit now but su have lived many lifetimes before and will you live again. and you can learn this through process of auditing, which is kind of like therapy with a semi lie detector. and for many people, paul is an example but many others that i talked to, at the early stages
bailout. yesterday, the cypriot parliament rejected a bill to tax bank deposits. today, lawmakers crafted a plan "b." we have a report from jonathan rugman of "independent television news." >> reporter: why would the finance minister of a sun-kissedile be braving moscow's weather? because he's desperate for money. he came begging for around $5 billion euros and doesn't intend to leave without it. >> there were no offers, nothing concrete. we are continuing discussion. we are happh a good beginning and looking forward to continuing this discussion over the next few hours. >> and while the cypriots have flown to russia, the russians have flown to cyprus. in a country where cash points still work, even if the banks behind them don't. these banks are not set to reopen until next tuesday. any dash for cash, and they could collapse. >> cyprus is facing on the economic side a question of survival. >> reporter: even the orthodox church has joined the scramble for a solution. the island's archbishop today told the president he would put the church's vast property portfolio up as collateral. yet, t
Search Results 0 to 33 of about 34 (some duplicates have been removed)